Early on Friday, information protection and storage services company Iron Mountain Incorporated (IRM
) announced that it has acquired Cornerstone Records Management for $191 million in cash.
Cornerstone Records Management provides record storage, document shredding, and data protection services to small and mid-sized business in the Mid-Atlantic and Northeast regions, as well as the Southern California, Denver, and Houston areas.
The acquisition of Cornerstone Records Management will help Iron Mountain grow its core information storage business by adding small and mid-sized organizations to its customer base.
Iron Mountain went on to note that it does not believe this acquisition will provide a meaningful impact in 2013 results. However, it should add $50 to $55 million in revenues in 2014.
Iron Mountain shares were inactive during pre-market trading on Friday. The stock is down 16.33% year-to-date.
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